Now that Tony Abbott has given his acceptance speech, let’s take a look at what was promised and what sort of impact we can expect a Coalition Government to have.
If you are in small business, then be aware that some tax concessions available to you are planned to be removed and some planned taxes will be removed.
Tax promises in brief
Key tax promises and issues:
Abolish the Minerals Resource Rent Tax (Mining Tax) and a series of related measures funded by the mining tax including:
o The loss carry-back scheme
o The instant asset write-off increase
o Accelerated depreciation for motor vehicles
o Phasing down of interest withholding tax on financial institutions
o Re-phase Superannuation Guarantee increase
o Not proceed with low income super contribution
o Schoolkids Bonus
Abolish the Carbon Tax and associated benefits.
Company tax rate cut by 1.5 % to 28.5% from 1 July 2015.
Mining exploration incentive - Introduce an Exploration Development Incentive that will allow investors to deduct the expense of mining exploration against their taxable income. Under the scheme the ATO will determine a proportion of expenses that can be claimed as tax credits by investors. The scheme will target small exploration companies by limiting eligibility to companies with no taxable income. For investments from 1 July 2014.
Paid parental leave levy – 1.5% levy on companies with a taxable income above $5 million (and apply to taxable income in excess of $5 million).
Keep the current income tax thresholds, and pension and benefit fortnightly rates
Keep the Household Assistance Package
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